Soy Food Market in the US 2017-2021
About Soy Food
Soy food is a great a source of amino acids, essential fatty acids (omega 3 and omega 6), fibers, and proteins. Soy is the most optimal alternative for dairy and meat and is a suitable food choice for the vegan population segment. Soy is characterized by cholesterol-reducing properties and cancer-prevention properties. It aids in alleviating pregnancy complications. Consumers in the US market have been increasingly demanding soy-based food products like edamame, miso, soy yogurt, and soy oil owing to the health benefits that are attributed to it. In the US, soy yogurt is consumed as an on-the-go snack that is considered to be highly nutritious and convenient.
Technavio’s analysts forecast the soy food market in the US to grow at a CAGR of 2.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the soy food market in the US for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of soy or soybean foods in different product forms like whole soy foods, soy oil, and other soy foods across the US through various distribution channels.Technavio's report, Soy Foods Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Soy Foods Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the soy food market in the US: Archer Daniels Midland, Cargill, Hain Celestial, and WHITEWAVE FOODS
Other Prominent Vendors in the market are: Blue Diamond Growers, Dean Foods, DuPont, Eden Foods, Northern Soy, PACIFIC FOODS OF OREGON, and SunOpta.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand for organic variants of soy products. Organic products are priced higher than their counterparts. The premium pricing of organic products is due to the high production and distribution costs associated with their production. Moreover, consumers are wiling to invest more in organic products. The extra premium cost associated with organic production is passed on throughout the supply chain, and this impacts the product price that the end-consumer bears.”
According to the report, one of the major drivers for this market is Rising levels of lactose intolerance and dairy allergies. Lactose intolerance is caused due to the inability of the body to digest lactose, which is found in milk. The Asian population is more prone to lactose intolerance compared to others. The demand for lactose-free food products is driven by aspects like increased incidences of food allergies and intolerances. For instance, in the US, cases of food allergies are projected to have increased by 18% in the last decade. Around 30-50 million US consumers are lactose-intolerant, which include about 75% of African Americans and American Indians, and 90% of Asian Americans. Many consumers in the US are opting for non-dairy products and animal proteins owing to the high prevalence of lactose intolerance in the country.
Further, the report states that one of the major factors hindering the growth of this market is Common allergies associated with consumption of soy products. Soybean allergies are common among infants and children, and studies have shown that allergies are more common in the population group that is above 10 years of age. Allergy symptoms associated with the consumption of soy may be mild or severe. The symptoms include swelling of the throat or anaphylaxis, rashes, mouth itches, nausea, vomiting or diarrhea, stuffy or a runny nose, and asthma. Many infant formulas have soy as an ingredient.
Archer Daniels Midland, Cargill, Hain Celestial, WHITEWAVE FOODS, Blue Diamond Growers, Dean Foods, DuPont, Eden Foods, Northern Soy, PACIFIC FOODS OF OREGON, and SunOpta.
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